[Gansan]

@mobike008

Thanks for the compliments!

A small correction to my post. I have been using cc for the past 17 years and not 14. Just checked my cards, the primary one (Citibank) dates back to 1993.

[sanjayc]

Using a credit card from the time I became eligible for one...some 16+ yrs. From 2003 onwards, when I purchased my first car, I opted for Indian-oil cobrand card, which gives IOC coupons in lieu of rewards points. After realising the benefit, I have been using card for 99.99% of my purchases (even for my office stationary/toners/desktops/laptops/electronics/consumables etc) and my wife's addon is linked with it..so all grocery/clothes etc purchased by CC..my car is running on IOC gift vouchers only.

Only care to take is to make the payment in FULL, ALWAYS. DO NOT WITHDRAW CASH ON CC, EVER.

With almost all CCs, you get a interest free period of appx 25-30 days min to repay. In case you make purchases closer to billing cycle date, this int free period can be doubled.

The bad name for CCs were given by those smart asses who deliberately used to get cards and using balance txfr option were kind of robbing Peter to pay Paul. Particularly ICICI issued cards left, right, and center without doing proper checks and created a mayhem in the CC market.

[subbarao]

Originally Posted by tj123

I have been using it for the past 10 yrs never payed a penny to the bank as interest /late fee.

I would say CC is a powerful tool which can be used to your advantage always.CC gives lot of flexibility if you are short on cash in bank. Debit card fails if you don’t have liquidity in your account.

Payment of fuel bills is always through CC , some how you don’t feel the pinch of giving cash… , on most debit cards a 2.5 % is charged.
Through CC you get cash backs/ discounts / freebies for the point accumulated.

The golden rule is to always spend within your capacity to repay. Think before you swipe, self restrain & control is important.

Always settle the outstanding in full, partial payments are a sure debt trap avoid, avoid, avoid at all cost.

Hi,

+1 for the above advice, i have hsbc cc from last 3yrs, i have not paid single paise as an interst/fine, i will drop the cheque 2-3 days in advance, i use the cc for fuel & any online purchase in ebay, bank will credit monthly average of Rs 90-100 as 'fuel surcharge refund'.

Last month i dropped the cheque for the amt. lesser than[i.e. only 12 paise less] total payment due, in the latest statement for the 12paise they have fined me as follows:

• Finanace charges 145.88
• ST @ 10.30% 15.02
• Finance charges for Feb. statement (!!) 412.09
• ST for above @ 10.30% 42.50
• Total 615.49

I called the bank 10 days back to know the reason, mistake i done is making round off amount to lesser said is not accepted, it should be next higher amount. i requested them to convert fine as credit to my a/c, within 3days a/c has been updated, i saved rs 615 bacause of prompt payment record.

[lohithrao]

Guys a short update...

STandard chartered bank has proved that they dont care about thier customers...its been abot 12days since i logged the issue with them and they have not bothered to get back!

as told earlier their customer care is PATHETIC, wach executive tells a diffrent story and attitude is BAD!

Anyhow i will be writting to "OMBUDSMAN" soon about it..

I will be closing this card as soon as am done with these issues!

however i have another card(another bank) and am contemplating if i should keep it or close that too... what you guys suggest?

Today, I received my Axis Bank Gold Credit Card [CC] through Blue Dart courier. The courier chap informed me that I received CC and requested me to show any photo identity card. When I produced my passport, he keyed in the passport number in the hand-held unit and asked me to sign in the panel using the stylus. I was used to this system in Oz. This was the first time in India I signed on the courier's hand-held unit using stylus. Wow! Blue Dart has adopted online tracking system on real time basis.

Now coming to CC issues, after going through all the fine prints, I decided to register for 'Verified for Visa'. When I keyed in all the details including my date of birth [DOB], it showed 'Invalid DOB'. Then, I committed the blunder of repeating this exercise. After the third unsuccessful attempt, my CC has been blocked! That too, within half-hour of its receipt before its usage! When I logged in to Axis Bank i-Connect [Internet banking site], I found that my CC has not been linked at all. So, I called the customer support and complained. As usual, I was given three request ID numbers one each for 'Invalid DOB', 'CC blocked' ['both will be attended to within two working days'] and 'Linking CC to Axis Bank i-Connect' ['five working days']. According to Axis Bank CC customer support, since CC is blocked by Verified by Visa, I cannot do any online transaction. But, I can swipe CC at points of sale, which I will test tomorrow. Oh, what a day!

[PAVAN KADAM]

Originally Posted by lohithrao

Guys a short update...

STandard chartered bank has proved that they dont care about thier customers...its been abot 12days since i logged the issue with them and they have not bothered to get back!

as told earlier their customer care is PATHETIC, wach executive tells a diffrent story and attitude is BAD!

Anyhow i will be writting to "OMBUDSMAN" soon about it..

I will be closing this card as soon as am done with these issues!

however i have another card(another bank) and am contemplating if i should keep it or close that too... what you guys suggest?

I understand your problem lohit. I used to work for Stanchart way back in 2000, they are bad. And more over after the Grindlays takeover, withdrawing themselves from Retail lending, and also the recession Blue's the Bank has gone to doldrums.

Write to the OMBUDSMAN , thats the best way to resolve the issue
Banking Ombudsman Of Karnataka
10/3/8 4 Floor, Rbi Building, Near Pathunga Road, Mahatma Gandhi Road, Bengaluru, Karnataka 560001
080 22275629‎


OR

Balu Jayaraman
Head Customer Care
Standard Chartered Bank,
Customer Care Unit,
19, Rajaji Salai,
Chennai 600 001.
Email Address: head.service@sc.com

[proton]

Yet another credit card scam

Hi fellas, have been busy chasing up a problem with a credit card and have not been posting regularly. Still don’t have much time, but posting a heads up to all so that you will not fall into the same trap.

On visiting my bank for a change of address, I was told I could be eligible for a Premium card. As the enhanced limit was handy, I agreed to take it , since it could be usefulful for impulse buys when I was not carrying enough.

Soon after, I began to get sms and phone solicitation from different vendors. Then I got a call from the bank’s insurance division. Having kept good health , I have never taken insurance BUT WAS NAGGING MYSELF TO TAKE IT AS IT WOULD BE MORE DIFFICULT TO TAKE when OLDER.

Since the process seemed easy, I took the call and began the process of exploring the buying of cover.

Since the discussion was oral, I asked for a written proposal for closer examination of terms and conditions. This was agreed but marketer requested me to confirm my interest with her supervisor. I got a call from the supervisor and confirmed I was interested in buying cover.

Next call I got was the marketer informing me that she had checked my details and I would have to increase my premium. NOTE: this is the classic “bait and switch con game”. In other words, “Offer the premium at 10000 and when client shows interest, make excuse to offer a higher cost product at 13000. IOW, the initial offer was to attract your attention and then later apologise for its non-availability. Slightly irritated, I agreed, with the thought to negotiate when the written proposal came across. Still later, I am asked to give my credit card details. I refuse, explaining I have not yet opened my card starter pack which is with my office staff. They tell me its not a problem. Riiiight!

Still later, the confirmed policy arrives without the written proposal and without the terms and conditions. I wonder how the transaction was passed without card details. I am startled to see that the transaction is in the form of a EMI based package, with undisclosed charges for document processing and interest. I go to the bank and kick up a fuss. They tell me to give my credit card details: I still haven’t been given my card by my office so I go to pick it up.

I come back and hand over the sealed envelope to the bank and ask them how the charge was passed without authorization from me! They ask me to contact the card division and wash their hands off the matter.

The card division tell me they have cancelled the charge and I need not pay anything. I get my monthly statement and the charge remains.

The card division asks me to give a written application to cancel the policy as the insurance division has asked for this. I give the written application on being assured of a nominal cancellation charge. They next ask me to send ID proof. Fed up with the runaround, I collar the card division and ask them how they have passed the transaction in the first place. They claim they have the recorded conversation (available on request) of me giving my card details to the vendor! This without me opening my starter pack!

Present status:
I have applied in writing for the recorded conversation of myself giving my card details to vendor. I will post the email record of the discussion with identity details blanked out, if the matter is not resolved PDQ.

Caveat emptor?

[Captain Slow]

this is serious fraud on their part! I think you can file a case against them. Which bank is troubling you like this? ICICI?

[Spitfire]

This sounds like ICICI. They are crooks.

[sanjayc]

proton@,

You say that you were offered a Premium card with enhanced limit..does that mean you already were having a credit card with the same bank..

if YES, then read on, if NO, foll. points does not apply.

This process is called card swap or card reissue, and technically, bank can charge you current active card, and once the premium card is issued all balance will get txfrd from the current to the new card. For the sake of convenience & continuity , if a new card is re-issued, for appx a period of 1 month both card can be used/charged..later on the txns will reflect in your latest card.

During the insurance call, they must have mentioned your current card number at some point. So even if you have not opened the new card pack, your current card will be charged, if you have given your consent to the insurance call. No separate authorization is required provided you gave the consent during the call.

This is a standard procedure of selling insurance over a phone call and there is no scam involved.

However, few questions:
1. EMI based package - Normally, for insurance you will charged an annual premium and some standard fees. So far, so good. However, am not sure what you mean by EMI - is it the annual premium divided by 3 or 6 or 12 monthly installments or is it a single annual premium. They can only do this if during the call, if you have opted for this scheme, otherwise they cannot do this on their own..it may be a case of genuine data capture error, since the bank does not stand to benefit since these type of emi package should be zero-interest types. Check/provide some more details on this. This should be easily verifiable & rectifiable..hence no scam here either.

2. From 10K to 13K, it is utter un-professionalism / amateur / unethical sales person. Don't attribute this to scam..after all you had the option of refusing it when the, premium was hiked.

3. Written proposal - This is again an industry practice..the way insurance works is that you have a free look-in period of 1 month (I guess)..within this period, you can reject the proposal offered to you in case you do not agree to terms/conditions - no questions asked and money charged should be refunded to you (maybe some very nominal charge may apply, I am not sure)

4. Running around between card div and insurance div - Please understand that insurance is something which your bank is offering as an agent of another insurance service provider (unlike auto/home loans)..hence the insurance div is technically a 3rd party who is merely charging the card on which you want to make the txn. Once your consent is taken, indeed it is difficult since the insurance service provider has be in the loop since an insurance contract has to be cancelled..some paperwork may be involved, particulalry since you already have recd the insurance related mail. So you are already covered under insurance..simply shouting at card div will be of little help..procedure of canceling the insurance has to be followed - I do not see any wrong in that. But yes, the experience with the banks service could have been better. There is no scam involved here again.

Now take a deep breath and relax. And then consider this:

1. What is your gripe about? Medical insurance is after all not a bad thing and if you have taken it, it is good. So are pissed off becos of the EMI stuff - do a quick calculation and check if at the end, are you gaining/losing anything becos of EMI vs Single premium - then take a call what to do about it.

2. If you think the 13K amt is high, check out competition prices and try coming to a conclusion if indeed there is a rip off or kinda ok.

Let me reiterate one point - there are some stringent rules governing all such txns..and the same is overseen by multiple agencies..hence any "Scam" is a very remote possibilty.

Let me know what your thought is.

[f1head]

@sanjay - I disagree with you on that, one of the first things a bank should be is transparent, if it makes false promises, charges your card without permission and does the misguiding slippery talk as has been done above, its a scam. I for one also run a consumer blog and see issues like these daily.

@proton - Just write a small email to your bank that you had not accepted the terms and conditions of the new card by signing on it and hence the charge is invalid. The only thing I am afraid of is that they charged your old card and it got carried over to the new card.

Also fillup a chargeback request, email the customer care for a copy or get one from your branch. If you name/shame the bank here, it will help bring the matter to the forefront plus others can probably assist you with the best way to do redressal.

Have written records of all communication and escalate matters to L2/L3 customer service ASAP.

[sanjayc]

f1head@,

Nope..forget about scam..charging the card without permission is illegal...but here is consent is given on phone, that is perfectly legal and standard practice across industry.

Agreed service providers should be transparent and not make false promises etc..but does that leave we the consumers scot free..are'nt we equally responsible for being gullible enough to fall for such tactics. By that standard, all ads on tv/papers etc should be banned..after all they are more hype & unsubstantiated claims that the full truth.

I don't see how this can be a scam..after all @proton opted for a product and got the same...I am assuming all details regarding this txn was explained to him on phone...the quality of the product or the way it was delivered to him may not to be his liking..there are redressal mechanisms for that and he can definitely cancel the same.

What chargeback you are taking about..there is no chargeslip signed here. The bank can only provide the call recording (which is as good as chargeslip and legally valid) to which @proton consented to (I am assuming he indeed said "Yes" at the end of all explanation given to him - particulalry to the Supervisor, who must have been IRDA certified, as per insurance authority guidelines). Proton@ listenened to all the explanation carefully or not is another matter altogether.

Please note that proper banks (not NBFCs) operating in India are the most heavily regulated in the entire world..banks cannot..I repeat..cannot run a scam by any name.

I am yet to come across any sales talk which is not "slippery"..if a sales guy thru slippery talk managed to seal a sale..that is his job..it is us consumer who should not fall to such slippery talk if it does not make any sense or not of benefit to us.

In case the call recording turns out otherwise, even then, it may be a case of genuine error, and the bank should be more than willing to reverse the charges, if @proton presses ahead. Poor / Inadequate Service <> Scam.

Being on an automotive forum, let's not measure reputed & regulated banks with the same yardstick as automotive dealers, and trash them at the drop of a hat. And specially in today's times, lets not take moral highgrounds and talk ethics, when it comes to business practices..let's stick to rules, laws and agreements.

Originally Posted by f1head

@sanjay - I disagree with you on that, one of the first things a bank should be is transparent, if it makes false promises, charges your card without permission and does the misguiding slippery talk as has been done above, its a scam. I for one also run a consumer blog and see issues like these daily.

[f1head]

I am sorry to digress a little off-topic but I do prefer to take the moral high-ground and ethics are a very important part of who I am.

Also a chargeback has absolutely nothing to do with a chargeslip, chargeback is a mechanism provided by VISA/MASTERCARD/ISSUING Banks via which transactions such as ones you didn't authorize can be reversed without any liability on the cardholder.
Chargeback - Wikipedia, the free encyclopedia

I have used it in the past 2-3 times to good affect against erring merchants who refuse to listen to consumer complaints. HDFC has been good in this regard with me as I have a preferred account.

As far as taking permission on the phone goes, please do a google search and see how many salespeople falsely take authorization or do not disclose charges for these so called insurance policies and charge them to cards. If you read proton's post again, you will see "undisclosed charges for document processing and interest" were added to his statement. That makes it a fraud transaction liable for chargeback since he did not explicitly authorise those charges.

I am sorry if I sound like a consumer fanatic , but I am one . I go around threatening companies with legal action and give them bad PR if they dont treat the consumer right and you will be surprised how soon they fall in line. On the other hand I always praise companies which help solve customer issues fast and give them good PR.

I will most probably be joining an IIM/XLRI (subject to clearing interviews) this year for my MBA and let me assure you when I go into the business line I will ensure that business is done with ethics (Atleast where I am).

I get a feel you are somehow related to the banking sector/sales sector and hence are able to identify with these practices which are rampant today. I do not mean any offense to any of these companies, but if you dont declare all terms to the customer, its wrong. Period. Also regulated banks arent the ones doing this, DSAs who are driven by commission and targets do this. Lying sells more policies than telling all the terms does and most people wont bother to get the policy cancelled.

@proton - what you are fighting for is not a one off incident, mouthshut and other review sites are full of instances where DSAs lie about terms of products , it has happened to me also many times.

[Gansan]

Originally Posted by sanjayc

2. From 10K to 13K, it is utter un-professionalism / amateur / unethical sales person. Don't attribute this to scam..after all you had the option of refusing it when the, premium was hiked.

Sorry, I don't agree. AFAIK the person talking from the other end of the phone says he is calling from ICICI bank. I give two hoots whether he is an employee of the bank or merely a sales rep. A mere technicality. To me, the consumer, he represents the bank and in my book, the bank is responsible for his actions. I see the bank through the prism of this person.

Originally Posted by sanjayc

Agreed service providers should be transparent and not make false promises etc..but does that leave we the consumers scot free..are'nt we equally responsible for being gullible enough to fall for such tactics. By that standard, all ads on tv/papers etc should be banned..after all they are more hype & unsubstantiated claims that the full truth.

Man, that takes the cake! Talk of convoluted logic!


I am yet to come across any sales talk which is not "slippery"..if a sales guy thru slippery talk managed to seal a sale..that is his job..it is us consumer who should not fall to such slippery talk if it does not make any sense or not of benefit to us.

The slipperiest sales talk comes from reps of ICICI bank. And they are the clumsiest and most amateurish as well. I hold three cards including ICICI, and I know what I am talking about. The most irritating and persistent pitch comes from these guys/gals. Well, they may seal a sale for that moment, but the bank will lose that customer real soon, and he will end up bad mouthing the bank to all who will listen.

An example :

ICICI bank rep : Sir, do you hold xxxx card from our bank?

Me: Yes!

REP : Sir, the bank is very pleased with your business and as a token of appreciation have sanctioned a special health card for your entire family. Shall I explain about it?

ME : But I already have health cover from xxxx.

REP : But sir, our cover is special and is packed with additional features. Please let me explain.

ME : OK, go ahead!

REP : Sir, for example, if both your kidneys fail and you are admitted for a transplant, we will pay you Rs 1000 every day for the entire duration.

ME : Shut up! (banging the phone down).

Believe me, I will never buy a health cover from this bank after this!

[proton]

Quick post from my Mobile.

I cut up all my credit cards ten years ago. I borrow my sons card for all net transactions. Have even booked hotel rooms and plane tickets with them.

The card I got from the bank was not an enhancement of existing one. I used the term because all my ATM cards were downgraded because of cases of mugging and forced usage of such.

The card division is still not able to give me a record of my giving card details. Obviously. How could I. Without any previous transactions and without opening my starter pack... I don't think so.

Thanks for the inputs. They have been useful...